 |
| Chinese company 'Cosco' suspended Israeli shipping operations |
China's largest shipping company Cosco has suspended all cargo operations to Israel.
On Sunday (January 7), the news agency Reuters reported this information on the Israeli media Globes. However, Globes did not specifically mention anything in the report as to why the Chinese shipping company made such a decision.
Cosco's office in Israel did not respond when Reuters contacted it for comment. Also, when contacted, Israeli port officials declined to comment before seeing the report.
The Chinese state-owned shipping company is the fourth largest container shipping line in the world, Globes reports. About 11 percent of the world trade is held by this company. While Houthi attacks in the Red Sea have put Danish shipping company Maersk and other companies at risk of shipping goods, COSCO is not under much threat. The reason behind this is China's relationship with Iran, the sponsor of Houthi rebels in Yemen.
|
| Chinese company 'Cosco' suspended Israeli shipping operations |
Cosco's decision will not only affect trade between the Far East and Israel. Its impact will be felt on a larger scale. Because the Israeli shipping line conducts this trade with Jim. Due to this sudden move by Cosco, Jim is running short of ships. As a result, the ship fare will increase.
The Globes report also states that the Houthi rebel group is threatening to attack any company's ship that transports goods to Israel. But the threat of the Houthis attacking the Chinese state-owned company's container ship is slim. Because China is the customer of 90 percent of Iran's exported oil. So it is clear that the ongoing situation in the Red Sea influences their decisions. Therefore, questions have arisen in various circles about their decision. Moreover, COSCO has not yet informed the international shippers about their decision.
Darival is the new coach of Brazil
0 Comments